Starbucks - Pensacola, FL_Property for Sale
Starbucks - Pensacola, FL_Property for Sale
2991 S Blue Angel Pkwy, Pensacola, FL, 32506, US

Starbucks - Pensacola, FL

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Starbucks (the “Property” or “Asset”) located at 2991 South Blue Angel Parkway, in Pensacola, FL. The newly constructed quick-service restaurant is ideally situated on a Walmart Super Center out-parcel, benefiting from the store’s annual foot traffic of 1.9 million visits. The building totals 2,365 SF across 0.85 acres and features a 10-year lease, subject to multiple renewal options.


The Property features a landlord-favorable double net lease with 10.0% rent escalations every five years and six, five-year extension options. The Asset benefits from residential density in a commercial corridor and is near many notable locations such as Pensacola Naval Air Station, University of West Florida, Pensacola State College, and the Gulf of Mexico.


Situated along a growing retail corridor, the Property experiences visibility from multiple easily accessible thoroughfares with high traffic counts of 22,000+ VPD on average. In addition, the Property is anchored by a highly-visited Walmart and is steps from Target, ALDI, Dollar Tree, and Tractor Supply Co.

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Attributes

Asking Price
¥386,088,000
Building area Net
220 sm
Occupancy
100.00%
Year built
2023
Cap Rate
5.75%
NOI
¥22,206,000

Media

Investment highlights

  • Ideally situated on Walmart Super Center outparcel
  • Florida is a top 10 fastest growing and business friendly states in the U.S.
  • Investment grade tenancy - Starbucks (S&P: BBB)
  • 99% occupancy rate and 16.1% rent growth since 2019 in the retail submarket
  • 3.6mm annual visits to the Walmart and adjacent Target per placer.ai
  • Brand new  construction featuring a drive-thru
  • Desirable long term 10-year NN lease subject to 6 x 5-year renewal options
  • 1,500 apartment units within a 3-mile radius of the Asset
  • Property is steps from Target, ALDI, Dollar Tree, and Tractor Supply Co


Starbucks - Pensacola, FL 4_Property for Sale
Starbucks - Pensacola, FL 4_Property for Sale

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Starbucks - Pensacola, FL (0 Properties)

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Last updated
Aug 7, 2023